The Great Depression
On Thursday, October 24, 1929 the stock market crashed. The sudden tragedy happened less than eight months into Herbert Hoover’s presidency. President Hoover did not accept the reality of this crash. Even though the stock crash was beginning to cause more and more debt and wage losses, Hoover did not think this was yet a crisis that people couldn’t get themselves out of. Herbert did not believe in charity, he believed with the effort and hard work of many civilians, they could all help rescue themselves from what was clearly becoming America’s first Great Depression.
The depression was a product of overproduction, poor distribution, and too much credit buying. After months of being in denial he was forced to take action as the newspapers, public, and his advisers brought to his attention the severity of the stock crash. In attempt to strengthen the economy; Hoover financed public works projects that were designed to help the roads, dams, and other construction projects. He also called on local groups to help raise money to help the unemployed. Hoover also designed the agricultural marketing act, that attempted to help farmers’ problems with farm board. Though Hoover created many solutions to decline the depression of Americans, they were not successful for long.
The more profits declined during this time, the more businesses cut production and wages and lay off many workers. By 1931, 15.9 percent of Americans were unemployed. While the country slipped further and further into depression, Hoover searched for new steps in reforming the country. In 1932 he organized...